GCC stock exchanges finish last week dealings with losses

23/01/2011 00:00 AST

A specialized economic report released Sunday showed that all Gulf stock exchanges had finished their dealings last week with losses incurred by their main indices, which came in parallel with a retreat in the volume of trading activities.

This had negatively impacted the total volume and value of dealings in all Gulf stock exchanges by the end of the week, the report said.

The report, issued by Bayan Investment Company, said the Kuwaiti Stock Exchange (KSE) recorded the least drop. The Kuwaiti market still witnessed a strong decline in the purchasing power which negatively affected trading value, which dropped significantly within the week.

It noted that this decrease reflects traders' cautiousness and anticipation of the annual results of listed companies, particularly the leading ones, of 2010.

The Kuwaiti banking sector's stocks got back its leading position at the market last week, with the highest total trading value.

On the other hand, the report said the Abu Dhabi Stock Exchange incurred the highest losses due to foreign investors' huge selling operations of their shares, particularly in the leading sectors such as real estate, banks, and telecommunications.

The report added that Dubai's financial market came third on the list of retreating GCC markets.

Investors in Dubai were waiting for the 2010 results of listed companies, it expounded. Meanwhile, Qatar Stock Exchange came second in terms of drop, as it saw enormous selling operations that hit all sectors, particularly the leading ones.

The report also pointed out that the Saudi Stock Exchange's index has slumped to the fourth position at the list of the GCC stock exchanges amid a decline in the profits of some of the listed companies, particularly those related to the banking sector.

KUNA